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Crypto Exchange Bybit Ends Two-Year Compliance Struggle with France’s AMF

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  • Bybit resolves compliance issues with France’s AMF after two years of efforts.
  • Bybit aims for a MiCA license to expand its services across the European Union.
  • Despite progress in France, Bybit still faces regulatory challenges in India and Malaysia.

Crypto exchange Bybit has officially been removed from its status on France’s financial regulator, the Autorité des Marchés Financiers (AMF) blacklists. On February 14, 2025 the exchange completed a two-year effort to restore compliance standards after the blacklist addition took place. The exchange completed a name clearance process suggesting its re-entry into the French market.

The AMF issued public warnings about Bybit running operations in France without appropriate authorization. In 2022, the regulator issued an alert about Bybit, recommending potential users exercise caution when using its services. Since its initial listing the company has established strong cooperation with the AMF to respond to and resolve regulatory issues.

Plans for MiCA License and European Expansion

The removal of Bybit from blacklists represents a major achievement for the company as it progresses into European markets. The exchange continues its efforts toward acquiring Markets in Crypto Assets (MiCA) licensing to allow operations in every member state of the European Economic Area’s 30 countries. Exchange companies actively pursue the MiCA regulation because it establishes a standardized regulatory approach for cryptocurrency operations within the European Union region.

CEO Ben Zhou of Bybit demonstrated confidence in the company’s ongoing success through a social media post. Zhou stated that the exchange continually cooperates with European regulatory bodies to fulfill compliance requirements. The acquisition of a MiCA license by Bybit would allow the platform to operate secured crypto services throughout Europe and bolster its market foothold in quickly developing regions.

Ongoing Regulatory Challenges for Bybit

The exchange experiences ongoing regulatory obstacles across different countries, although its performance remains positive in France. For instance, Bybit faced a $1.06 million penalty in India after breaking money laundering laws and Malaysian officials forced Bybit to stop trading in their country. However, Bybit demonstrates its commitment to regulatory compliance through its worldwide efforts to overcome crypto market regulations.

Bybit’s commitment to working with regulators in various jurisdictions, including France, suggests that the company is focused on long-term compliance and growth. Bybit’s regulatory journey reflects the broader trend within the crypto industry, where exchanges increasingly align with regulatory standards to ensure stability and expand their services across global markets.

Binance Under Intense Scrutiny as Spanish Court Investigates €67,550 Claim

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  • Spanish court probes Binance for withholding €67,550 investment.
  • CZ’s exchange also faces money laundering investigations in France and the U.S.
  • The exchange must present evidence in Spanish court in the next 10 days.

Legal troubles are piling up for Binance, with the exchange now under investigation in Spain over a €67,550 funds misappropriation. This investigation adds to ongoing probes in France and a class-action lawsuit in the U.S. that could impact the exchange’s future.

Spanish court Probes Binance Over Misappropriation of Funds

A Spanish court has launched an investigation into Binance following a complaint filed by a businessman regarding alleged misappropriation of funds. The plaintiff, identified as “JL,” claims that the exchange refused to return his €67,550 investment. The investigation began after JL accused the exchange of withholding his funds despite numerous attempts to recover them over two years.

Judge María Ángeles Velázquez, who presides over the case, found sufficient grounds for a criminal investigation. The judge noted that the complaint presented enough evidence to justify proceeding with the case. Velázquez gave JL’s legal team 10 days to submit formal evidence and request penalties for Binance or request for dismissal of the case.

If JL presents enough evidence, the case may proceed to a full legal battle in Spain. However, if the evidence proves insufficient, the case could be dismissed. Binance will have an opportunity to respond to the allegations before the final decision.

Legal Frustrations Mount on Top Crypto Exchange

This investigation is the latest in a series of legal challenges for Binance. Recently, French authorities opened a money laundering probe into the exchange, over its compliance with financial regulations. The exchange is accused of failing to meet know-your-client (KYC) obligations, which led to illicit activities on its platform.

The French probe follows allegations that Binance operated as an unauthorized digital-asset service provider before it secured regulatory approval in 2022. These investigations focus on events dating back to 2019, both in France and across the European Union. The exchange has denied any wrongdoing and vowed to contest the accusations.

In the United States, the firm also faces a class action lawsuit over unregistered token sales. The Supreme Court allowed the lawsuit to proceed, despite Binance’s attempts to argue against the jurisdiction of U.S. courts. These ongoing legal battles further complicate the challenges facing the exchange.

Binance Focus on Regulatory Compliance Amid Increased Scrutiny

However, Binance continues to focus on regulatory compliance efforts. Binance Labs, its research arm, recently rebranded as an independent institution. This move allowed CEO Changpeng Zhao, who has been banned from the exchange, to rejoin the organization in a different capacity.

The firm’s legal troubles could have a major impact on its operations and reputation. As the investigations unfold, the exchange faces increased scrutiny from both regulators and investors Although Binance intends to address these issues, the outcome of these lawsuits could shape its future in global markets and its position as a leading cryptocurrency exchange.

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France Proposes Bitcoin Tax as Non-Productive Wealth in 2025 Budget

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  • Unrealized crypto gains could be taxed like luxury goods or real estate.
  • Crypto profits over €305 taxed at 30%; reduced 28.2% rate for low earners.
  • Non-reported external accounts face fines up to €1,500 per account.

A proposal in France’s 2025 budget could classify Bitcoin as non-productive wealth and tax unrealized gains. New rules include hefty penalties for non-reported accounts, while crypto-to-crypto trades remain tax-free.

Unrealized Gains on Bitcoin May Face Taxes in France by 2025

French Senator Sylvie Vermeillet has tabled a proposal that seeks to classify Bitcoin as a non-productive asset in France’s 2025 budget. This proposal to tax unrealized capital gains on Bitcoin similar to the taxation of real estate and luxury goods. 

The purpose is to equalize the taxation between physical and digital sectors and ensure a balanced taxation system. French Finance Minister Laurent Saint-Martin has endorsed the proposal, emphasizing fair taxation.

If approved, the policy will affect the cryptocurrency investors and holders in France. Investors may have to reevaluate their strategies since long-term investments might attract new taxes. 

Skeptics observe that this will reduce the interest in digital assets and increase market volatility.However, supporters view it as a balance between the taxation of cryptocurrency and other assets.

Crypto-to-Crypto Trades Remain Tax-Free Under France’s Rules

The current tax laws in France impose tax on profits from the sale of digital assets for Euros or purchases made using digital assets. However, crypto-to-crypto swaps remain tax exempt which enables investors to diversify their investment portfolios without immediate tax obligations.This policy promotes trade and market development in the Crypto Space.

Any profits from cryptocurrencies are taxed at a flat rate of 30%, for revenues above €305 annually, inclusive of income tax and social contributions.  The rate is reduced to 28.2% for low-income earners who earn less than €27,478. 

Although this system seems simple, there is mandatory reporting of every taxable transaction accurately. These transactions include revenues from staking, lending, and liquidity pools.

Non-Reported External Accounts Face Fines up to €1,500 per Account

French taxpayers must report any cryptocurrency accounts held outside of France. This requirement helps to minimize fraud and tax evasion. Moreover, failure to report such accounts attracts penalties of €750 for every unreported account. If the account is worth more than €50,000, the fine is set at €1,500.

Moreover, taxpayers must submit a Cerfa 3916-bis form annually with their tax returns. This applies even if there are no transactions that have taken place. The French tax authorities can audit records for up to three years or up to ten years in cases where they suspect fraud.These measures show the government’s strict approach towards the regulation of the cryptocurrency market.

Crypto Revolutionizes France’s Financial Advertising Landscape with Responsible Certification

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In an era where social media influencers, or crypto influencers, or “finlfluencers,” wield significant influence over investment decisions, France is taking a unique step toward regulating this burgeoning sector. On September 7, 2023, the Autorité des Marchés Financiers (AMF) and the Autorité de Régulation Professionnelle de la Publicité (ARPP) unveiled the “Responsible Influence Certificate,” a non-obligatory certification for financial influencers. This certificate, initially introduced in 2021, has been expanded to include influencers advertising crypto-assets, signifying France’s commitment to responsible financial promotion.

The Responsible Influence Certificate offers a structured training module designed to educate financial influencers about the intricacies of promoting investment products, ranging from equities and bonds to ETFs, funds, derivatives, and even wine. Crucially, this certificate also covers the emerging and rapidly evolving world of crypto-assets.

To attain the certificate, influencers must correctly answer at least 75% of 25 multiple-choice questions. While it is not a legally binding requirement, the ARPP retains the authority to revoke it from influencers who fail to adhere to its guidelines. Furthermore, prospective financial influencers must first obtain the “general Certificate” created by the ARPP, underscoring the commitment to responsible advertising across all sectors.

Promoting Transparency: Crypto Certification in Evolving Landscape

This move comes in the wake of a May 2023 amendment passed by the French Senate, allowing registered cryptocurrency companies to collaborate with social media influencers for promotional activities. France’s approach is in stark contrast to the United Kingdom, where regulators have issued stern warnings to influencers, cautioning that their crypto promotions could result in severe penalties, including imprisonment and unlimited fines. Meanwhile, the European Consumer Organisation is actively advocating for a complete ban on crypto advertising by influencers.

France’s Responsible Influence Certificate reflects a pragmatic middle ground in the global debate over crypto promotion. It acknowledges the growing role of influencers in shaping financial decisions while ensuring that their activities are conducted responsibly and ethically. By requiring influencers to pass a certification process and adhere to specific guidelines, France aims to strike a balance between fostering financial innovation and protecting investors.

The Responsible Influence Certificate not only demonstrates France’s commitment to responsible financial promotion but also serves as a potential model for other countries grappling with the challenges posed by the rise of crypto-assets and the influencer marketing phenomenon. While the crypto industry continues to evolve, this certification offers a measure of assurance to both investors and regulators, promoting transparency and accountability in an otherwise complex and rapidly changing landscape.

Changing Tides: 20% of French Workers Favor Crypto Payments

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Over time, the adoption of cryptocurrencies has experienced significant growth. Consensys, a prominent organization, recently highlighted that 92% of the global population is aware of cryptocurrencies, indicating a widespread familiarity with this digital asset class. People have made considerable progress in understanding and appreciating the value of cryptocurrencies. Furthermore, there has been a gradual increase in the global trend of workers accepting crypto payments.

According to a survey conducted by Payfit, a payroll software provider in France, a noteworthy proportion of the French population expressed their preference for receiving their salaries in cryptocurrency. Cointribune, a French media outlet, reported the findings, emphasizing the significance of this trend.

To a considerable extent, the findings reflect the increasing curiosity and gradual acceptance of digital assets among workers. Specifically, individuals in the 18-35 age range demonstrated the highest level of interest. Approximately 31% of this group expressed enthusiasm for the idea of receiving a portion of their salary in blockchain-based assets.

However, there is another perspective to consider. Some individuals remain skeptical and hesitant about embracing this approach. Particularly, those belonging to the upper-class category have expressed opposition to receiving wages in cryptocurrency, possibly due to concerns about inflation. The report further highlighted that the most resistant groups are active employees in large companies (83% among those working in organizations with 500 or more employees) and individuals categorized as CSP+ (79%).

Crypto’s Promising Horizon: Could It Shape the Future of Money?

During a recent interview, Amaury Lelong, the CEO of Payfit, expressed his views on the changing nature of work and its relationship to technology, society, and the environment. Lelong acknowledged that the labor market has experienced significant transformation, particularly with the entry of the Millennial generation and digital natives. This has gradually altered the perception of work and its role in people’s lives.

Currently, there is limited motivation for workers to accept their earnings in cryptocurrencies. In many parts of the world, digital assets are not widely accepted as a form of payment due to concerns related to volatility and regulations. However, this represents only one side of the situation, and the trend could evolve over time. Transactions conducted through blockchains offer numerous advantages, including speed, low costs, and enhanced security, which may contribute to a shift in perspective.

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Changing Tides: 20% of French Workers Favor Crypto Payments 2

Furthermore, a separate survey conducted by Consensys supports the notion that many individuals perceive crypto as the “future of money.” The respondents of this survey indicated that they view cryptocurrencies not only as an alternative to the conventional financial system but also as the future of digital ownership. This finding highlights the growing belief among people that crypto has the potential to revolutionize the way we perceive and interact with money and assets in the digital age.

Binance Teams Up With Ingenico To Boost Crypto Adoption In France

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Prominent crypto exchange Binance and payment processor Ingenico have forged an alliance to provide digital asset payment solutions in France.

Through this partnership, customers will be able to utilize Binance Pay to make cryptocurrency payments at two locations that employ Ingenico’s payment terminal: La Carlie, a pub, and Miss Opéra, a retail store.

In accordance with the press release, users will be able to pay using over 50 cryptocurrencies through Ingenico’s AXIUM terminals.

After the pilot testing, Ingenico plans to bring its new crypto payments solution to other European nations where Binance is regulated.

Speaking more on the collaboration, the director of Binance Pay and Card, Jonathan Lim, stated,

One of the major benefits of this partnership is that it offers companies a new approach to the market. Their dominant position in the market and their innovative payment solutions allow us to accelerate our access to consumers, without having to create our own terminals or software.

“As a leading payments ecosystem accelerator, we are excited to partner with up-and-coming brands like Binance to bring cryptocurrency payments to retail for consumers around the world,” he added.

Additionally, both entities are currently working on building a crypto-to-fiat payment solution to enable payments to merchants in fiat currency. This solution will be tested in the second quarter of 2023.

Ingenico is the world’s leading company in point-of-sale terminals, with more than 40 million payment terminals deployed across 37 countries.

The latest partnerships show how resilient a crypto industry is in the face of regulatory challenges in the US and a worldwide economic downturn.

Binance, in particular, has seen a number of relationships around the globe.

Binance Push For Greater Alliances Amidst Regulatory Pushback

Recently the crypto behemoth launched a prepaid digital asset card in Brazil in collaboration with payment giant Mastercard, the trading platform announced on 20 Feb.

According to the blog post, the card will be available to all Binance users in Brazil with a valid national ID and allow them to make payments and pay bills with 13 cryptocurrencies, including bitcoin, ether, and BUSD.

Binance’s card will charge a 0.9% fee per transaction involving crypto, the firm said, adding that it will offer up to 8% in cashback with crypto and allow ATM withdrawals without any fees.

France Regulator Seeks To Make Licence Compulsory By Oct 1 2023

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Crypto firms in France would have to obtain mandatory licence in order to operate their business. As per a tweet by the nation’s financial markets authority [AMF],

“The AMF, like the parliament, calls for an accelerated move to a regime of obligatory licensing for non-registered providers” of crypto services, its chair Barbat-Layani said at an event as stated in the post.

Barbat-Layani looked to be in favour of a measure put out by the French Senate last year that would require cryptocurrency enterprises to apply for regulatory recognition before the European Union’s new Markets in Crypto Assets [MiCA] law takes effect on October 1, 2023.

This comes after the head of the France’s central bank recently proposed to adopting a licensing regime for crypto service providers.

The “disorder” that has existed in the business over the past year has led to tighter regulatory scrutiny, according to the top boss.

Banque de France Governor Francois Villeroy de Galhau has further urged making it bound by law for crypto businesses to conform with strict regulatory requirements.

In reaction to the recent instability in the sector, licencing must be implemented in place of the current registration, he insisted.

According to Bloomberg, De Galhau believed that Paris should move forward without delay in order to comply with impending EU legislation that will require Digital Asset Service Providers [DASPs] to receive licences from the French government.

France’s Agency Obtain Registrations Application From 60 Crypto Platforms

The Autorité des Marchés Financiers or AMF has received registrations from some 60 cryptocurrency-related platforms, including major international firms like Binance, the biggest cryptocurrency exchange.

Licenses are still an option and there are no licensees yet among the digital asset service providers registered in France.

Finance Minister of France Bruno Le Maire announced to local media last year that France will evaluate its cryptocurrency tax regulations in 2023 as it strives to become the world’s top blockchain hub and won’t simply seek to copy existing standards for stocks.

“We want to make the European Union the world’s leading economic zone for structuring and organizing the crypto market,” said Le Maire. “We want France to be the European hub of the crypto asset ecosystem.”

The groundbreaking Markets in Crypto Assets law [MiCA], which allows cryptocurrency businesses to operate throughout the bloc providing they adhere to stability and investor protection standards, has just been approved by the EU.

Crypto.com Registers As A Digital Asset Service Provider In France

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Today, Crypto.com, the world’s fastest-growing crypto exchange based in Singapore, has become registered as a digital asset service provider in France with authorization from both the Autorité des marchés financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR).

The AMF is responsible for regulating the financial market in France and the investments it houses. It ensures that those who invest in these markets are adequately informed about what they’re buying and has been an integral part of promoting regulatory change locally and across Europe. 

Early this year, France’s AMF also granted permission for Binance and Luno, cryptocurrency exchanges, to run in the country, and this milestone has now been achieved by Crypto.com as well.

However, the exchange’s announcement post claims that before receiving regulatory approval, it underwent an intense examination process that ensured compliance with international standards concerning anti-money laundering and prevention of terrorism financing.

In addition, by registering, Crypto.com will be able to offer clients in France a variety of goods and services that adhere to national laws.

Nevertheless, it is becoming more apparent that many French people are now aware of cryptocurrencies. According to Triple A’s surveys, up to 5% (or 3.4 million) of France’s population are crypto investors.

In addition, crypto awareness among business owners and CEOs is also at an all-time high, 85.1%, which is excellent news for future cryptocurrency use in France.

Crypto.com Continues Efforts To Broaden Its Ecosystem

CEO of Crypto.com, Kris Marszalek, said that the European market is key to this company’s long-term success, which is why they’re excited to be registered under the French regulatory authority and continue developing alongside the Regulatory AMF in France. 

Kris Marszalek also asserts that they would strive to maintain customer trust while supplying them with excellent goods and services that are entirely safe.

The French registration is the most recent in a long line of regulatory permissions that Crypto.com has won in Europe because it has been amassing regulatory approvals worldwide throughout the year.

In recent months, it gained provisional approval for a Major Payment Institution License from the Monetary Authority of Singapore as well as for a Virtual Asset License from the Authority in Dubai.

It also gained electronic financial transaction act registration from the Korean authorities. It became an official virtual asset service provider when it was accepted by the Italian financial watchdog Organismo Agenti e Mediatori (OAM)in July. 

Related Article: Crypto.com Receives Green Light for Cryptoasset Activities in the UK

Meta Set To Unveil A Full-Fledged Metaverse Academy In France

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Meta Platforms, formerly Facebook, has teamed up with a French digital training firm to launch a “metaverse academy” in France for the new academic year, as per a Sunday announcement.

Metaverse which is widely viewed as the next iteration of the internet technically refers to an immersive digital world consisting of augmented or virtual reality and transforms the web from 2D to 3D.

As per the press release, the initial goal for the school would be to train for free around 100 students in two roles, specialist immersive technology developers and support and assistance technicians, Meta’s vice president for southern Europe Laurent Solly told AFP.

The teaching would be imparted in-person and revolve around projects, with a focus on the 3D world and interactions in the virtual universes, said Frederic Bardeau, co-founder and boss of Simplon, the Partner French firm

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Meta Set To Unveil A Full-Fledged Metaverse Academy In France 4

Located in the capital Paris and other cities including Lyon, Marseille, and Nice, the new academy will train 20 students per city each year.

Diversity would also be given particular attention. Solly said 30% of the first batch would be reserved for women.

Meta To Soon Launch Crypto Exchange

Back in October 2021, the tech firm said it intended to create 10,000 jobs in Europe in five years’ time to build the virtual world the US technology giant’s new strategic priority.

Till May 2022, it has filed five trademark applications in the U.S. for its newly rebranded payments product, Meta Pay. The applications indicate that the company may have plans to launch a slew of crypto-related products and services, including a crypto exchange and a wallet.

A week earlier, fintech head Stephane Kasriel said that the new payment projet wants to provide a cross-platform “single wallet experience.”

The trademarks, filed on May 13 with the United States Patent and Trademark Office, aim to protect Meta’s newly acquired brand name “Meta Pay” as well as its associated logos and symbols related to a variety of crypto-related products and services, including a crypto wallet, a trading service, and an online social networking service for investors.

The trademark applications also suggest that platform is looking to enter into crypto lending, card, and investment services.

France Earns the ‘Best Bitcoin Trading Nation’ Title as per a New Report

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According to recent research that looked at the most lucrative bitcoin traders by country, Switzerland placed first in terms of profitability, while France was named the ‘best bitcoin trading nation.’

The study, conducted by Invezz, online investment news and education platform, used data from various databases, including Chainalysis, Worldometers, and Triple-A, to award a score to each of the 25 nations evaluated in terms of the most lucrative bitcoin trading by country.

France earned the title

Each country was given a score based on three variables, ranging from 1 to 24. First is the number of bitcoin profits realized per capita in that country. To put it another way, it was recalculated to account for the population.

Second, the proportion of residents in each nation who invest in cryptocurrency, using data from TripleA and Worldometers to determine where adoption is strongest; and third, individual bitcoin gains.

The report also omitted China and Taiwan since the available data was insufficient, limiting the analysis to 23 nations.

The three ranks are then combined, and the nation with the lowest aggregate score is ranked first, followed by the country with the second-lowest score, and so on.

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France Earns the ‘Best Bitcoin Trading Nation’ Title as per a New Report 6

According to the survey, France is the best Bitcoin trading nation globally, ranking 12th in terms of the proportion of the country invested in crypto (3.3 percent). “Impressive third and eighth respectively in Bitcoin profits per capita and Bitcoin gains per investor — at $275 and $13, respectively,” according to the report.

While several nations performed well in some areas, France was the only country to perform “above average” in all three, allowing it to gain the highest overall ranking and claim the title of top Bitcoin trading nation.

Germany ranked #1 among worldwide participants on Coincub’s crypto-friendly ranking in the first quarter. On the other hand, France came in ninth place on this ranking.

However, India appears to be suffering recently on both rankings, ranking #24 on both Bitcoin Gains Per Capita and Bitcoin Gains Per Investor according to Invezz data, and #19 on Coincub statistics.